04:12 AM EDT, 08/16/2024 (MT Newswires) -- Healthcare AI Acquisition Corp. ( HAIA ) has agreed to merge with Leading Group Limited in a deal valuing the Chinese digital insurance broker at about $430 million, the companies said in a joint statement Thursday.

The combined company will be named Leading with an expected listing on the Nasdaq Stock Market.

Leading plans to use the proceeds from the deal to fund its growth initiatives in China.

The companies also plan to raise an additional $50 million through private placement financing.

The deal is expected to close in Q4, subject to shareholder approval and other customary closing conditions.